Dealing With “B” & “P” Notices and Abatements

The tax season is approaching and the IRS is getting ready to send out forms CP2100 and 972CG from the prior years’ information returns that contained incorrect name and taxpayer identification number combinations.

The landscape of B and P notices is multifaceted, Join our group of experts from Sovos Compliance for a complimentary webinar, as they answer these questions and discuss the B and P notice process, including:

Now that financial institutions are a few years into AEOI reporting, we are starting to get a better picture of effective approaches, challenges and concerns surrounding the eve of CRS requirements. To this end, Sovos Compliance will present a third-party benchmark study that surveyed 100 financial institutions to gain insight into costs, concerns, challenges and solutions.

Now that financial institutions are a few years into AEOI reporting, we are starting to get a better picture of effective approaches, challenges and concerns surrounding the eve of CRS requirements. To this end, Sovos Compliance will present a third-party benchmark study that surveyed 100 financial institutions to gain insight into costs, concerns, challenges and solutions.

How confident are you that your vendors are charging you the correct sales tax on their invoices? Every year organizations of all sizes are incorrectly charged thousands and in some cases millions of dollars in sales tax by suppliers. It is safe to say that these hidden costs could have a large impact on your business and if you don’t have the right tools and processes in place to validate these charges – you may be blindly paying way too much.

Join Sovos for a one hour presentation during which Greg Belanger, Antonio Di Benedetto and Matt Floyd will walk attendees through real-life scenarios of a number of large manufacturers who each saved over $1 million per year by validating the sales tax on their vendor invoices. This insightful webinar will cover:

• Several real life examples of how these organizations were being overcharged and the most common mistakes their suppliers made
• The improvements and best practices implemented to correct the situation
• The results achieved
• How Implementing sales tax best practices into the AP process is part of a holistic end to end approach that can help your organization grow with confidence

Join Jeff Cronin, Sovos VP of Product, for an informative webinar to keep you in-the-know about penalties related to ACA reporting.

What you will learn:
- What you need to know about the “Best Faith Effort” for 2015 ACA filings and potential penalties.
- Understanding the IRS cycle and communications related to errors and penalties
- Who will be (and should be) involved in managing the corrections and penalty abatement processes.
- Best practices for minimizing corrections and future penalties.

Who should attend:
This webinar is designed for Human Resources, Benefits, Tax and Compliance Professionals who have reporting responsibilities under the Affordable Care Act.

If you expect that you will be involved in managing the corrections or penalty abatement process related to 2015 ACA filings, this event is for you.

We just finished the first year of ACA reporting 45 days ago and it’s already time to talk about next year. Join Jeff Cronin, Sovos VP of Product, on August 23 for an interactive webinar to go over what we learned in the first year of ACA filing and how we can leverage that information for next year.

We will cover:
-Key learnings from the first year of ACA reporting and transmittal to the IRS
-Timeline changes from last year (how the IRS took away 6 months of time to comply)
-An update on key penalty changes for 2016 reporting
-How to avoid potential landmines in the 2016 tax year
-What you can do to be proactive in resolving issues
-Considerations for the 2016 reporting process and compliance
-Questions to ask your potential suppliers of ACA reporting

Who should attend? This webinar is targeted to provided valuable insights to Human Resources and Insurance professionals who have reporting responsibilities under the Affordable Care Act. If you expect to file a 1095 form in January 2017, this event is for you. Join us at 9am PT / 11am CT / 12pm ET on August 23 to learn more!

The tax season is approaching and the IRS is getting ready to send out forms CP2100 and 972CG from the prior years’ information returns that contained incorrect name and taxpayer identification number combinations.

The landscape of B and P notices is multifaceted, Join our group of experts from Sovos Compliance for a complimentary webinar, as they answer these questions and discuss the B and P notice process, including:

If you are a business operating in the retail or manufacturing space, you may be familiar with the concept of a reverse audit. These audits are designed to identify and recover tax over-payments remitted to suppliers or filed directly as a self-assessment of use tax. A reverse audit could help your business uncover over-payments and save money going forward.

Sovos Compliance has partnered with KPMG to bring you a special presentation on reverse audits and how to minimize the risk with a software solution.

If your company does not already have an AP tax compliance process in place, you are at risk. The experts at KPMG have saved businesses millions by identifying errors in their process. During this 45 minute presentation Jamie Louwagie and Nicole Kirk will share with you:

Learn about the 1094 transmittal and corrections process moving forward. Organizations must transmit the 1094 electronic file to the IRS by June 30th. This transmittal creates a new set of challenges for organizations with its process and complexities. Once transmitted and filed with the IRS, organizations then must be prepared to handle the complicated corrections process it sets in place—as well as starting to think about next year’s ACA reporting.

If you’ve decided to build a solution internally or are currently using a third-party vendor for reporting, this program will help you understand what’s occurring throughout the transmittal component of the ACA compliance process. The entire process will be discussed with a focus on the 1094 file transmittal to the IRS. In addition, the program will review:

• This calendar year’s timeline and tax years going forward
• The required print, transmittal, and corrections processes
• The 1094 transmittal file and TCC application process
• Common and frequently asked questions we’re hearing
• Resources for both this and next year’s reporting

Join our Sovos Compliance tax experts, Antonio Di Benedetto and Gino Orlando, for insight into preparing for an audit. They’ll discuss best practices for audit preparation, some of the risks and pitfalls surrounding the audit process, and strategies for managing the state audit. They will also cover how you may trigger an audit, some of the challenges a taxpayer may face during an audit, and how to overcome those obstacles.

Earn 1 Continuing Professional Education (CPE) credit: Additionally, we are offering 1 CPE credit for attendance, participation, and completion of the required questions in this webinar.

Most of the main tax season deadlines have come and gone. It’s now time to collect your notes and start preparing your review to internal stakeholders. How do you compile this information and present this data in a clear manner that will help drive process improvements for next year?

Sovos is presenting a complimentary webinar that addresses these concerns that will be hosted by Wendy Walker who has over 15 years of reporting and compliance experience, including organizations like Zions Bancorporation and Chase.

Why are season reviews so powerful?

1. Creates alignment and more efficient communication with all the people, departments, and vendors involved with year-end processing.

2. Improves the overall process by bringing visibility to the impact tax reporting processes can have when they go well and when they don’t.

3. Creates better risk management (with penalties increasing twice this year) by facilitating valuable discussions and feedback needed to improve the accuracy of data, meet state and federal deadlines, and identify shortfalls and limitations of current systems and processes.

This webinar will discuss six ways to help your review make a difference.

•Document the details!
•Decide when to conduct the review.
•Determine who should attend the season review.
•Set ground rules for the meeting in advance.
•Set basic questions to use as a guideline for discussion.
•Share and build on the results of the lessons learned.

Wendy Walker is an experienced tax information reporting professional with over 15 years of reporting and compliance experience. In her former roles at Zions Bancorporation and Chase, she managed compliance and operations functions (and teams) associated with US withholding tax and 1099, 1042-S, and state reporting. Additionally, Wendy was the FATCA Reporting Officer at Zions, responsible for researching and advising the various lines of business of their obligations.

Now that 1095 tax forms have been printed and mailed, organizations are focused on finishing work for this year’s ACA reporting requirement. Transmitting the 1094 electronic file to the IRS is the next step. This transmittal creates a new set of challenges for organizations with its process and complexities. Organizations must be prepared to handle the complicated corrections process it sets in place.

Whether you’ve decided to build a solution internally or are currently using a third-party vendor for reporting, this webinar is focused on helping you understand what’s occurring throughout the transmittal component of the ACA landscape, offers insights of our observations in the market, and share some learnings from testing with the IRS to send transmittal files on behalf of our clients. With over 30 years of experience dedicated solely to tax information reporting, this isn’t the first reporting requirement rollout Sovos has been through.

Join us for this free webinar to hear more about:

• An ACA reporting overview and its obligations
• This calendar year’s timeline and tax years going forward
• The required print, transmittal, and corrections processes
• A walkthrough of the 1094 transmittal and TCC application process
• General best practices for tax information reporting

Join Chuck Maniace, Antonio Di Benedetto, and Tim Roden on April 25 at 1:00 pm ET to learn about:
• The sales tax complexities particular to the software industry, with emphasis on recent developments
• Insights into best practices from a former Tax Manager at a technology company
• Tips on how to effectively and efficiently manage your compliance concerns

Earn 1 Continuing Professional Education (CPE) credit: Additionally, we are offering 1 CPE credit for attendance, participation, and completion of the required questions in this webinar.

The IRS has raised penalty amounts once again. As stated in IRS announcement 16-11, these penalty increases include late and in-accurate filing, corrections, and maximum penalty cap for all tax information, 10-series, and ACA form reporting requirements. These increases apply for taxable years beginning in 2015!

This 30 minute complimentary webinar covers the following:

★ Background on increases in 2015, regarding the Trade Preferences Extension Act of 2015. This legislation doubled the annual maximum penalty cap, and more than doubles the penalty per record for failure to file properly.

★ The latest penalty increases resulting from IRS 2016-11 increased the maximum penalty cap for corrections and failure to file as well as increased penalties per record for failure to file.

★ With penalty increases being announced twice within the last 12 months, what does this mean for my organization? How should I use this information during an internal tax season review?

Please join us for this complimentary live webinar presented by Sovos Compliance. For additional information on the penalty increases from IRS announcement 16-11, visit our recently published blog announcing the changes.

Sovos Compliance is the largest US filer of 10-series forms serving more than 4,500 clients across all industries including nearly half of the Fortune 500. With over 310 million 10-series forms processes last tax season, and nearly 30 years of experience dedicated specifically to tax information reporting processes, Sovos strongly believes in providing complimentary education webinars to support the greater community.

Are you looking or have started to expand your business into Europe? Join us for an exclusive webinar “How to manage VAT requirements in Europe as a US company” with guest speaker Mark Houtzager, Founder of the US-VAT Consultancy

One of the major new trends in indirect tax is the focus on transparency by tax authorities, is your organisation prepared?
On the 29th of March at 10am GMT+1, Sovos Compliance will provide a webcast, lead by our exclusive guest speaker Daniel Kroesen, Partner Indirect Tax at Ernst & Young(https://www.linkedin.com/in/daniel-kroesen-6a79183) on the topic of e-audits in Europe. This 75min long webinar will focus on:
•E-trends in the indirect tax environment
•Business approach of managing indirect tax in an IT environment
•Is there a specific approach in respect of e-audits?
•Getting prepared for an e-audit and the e-audit of e-invoices
•Practical experiences
•VAT automation with Sovos

Various member states in the European Union will require companies to be much more transparent in the way that they account for VAT. They will seek to expand the VAT compliance requirements to include worksheets and other documents that provide a much more detailed snapshot of the company's business than the current VAT filings in close to real time.
Casper Winkelman(link: https://www.linkedin.com/in/casper-winkelman-5a85005), General Manager Sovos Compliance VAT, will present a short business case for VAT automation, helping you prepare for new requirements and mitigate the risks from beginning to end.

You’re probably familiar with the Affordable Care Act (ACA) and its complicated legal changes, compliance obligations, and coverage requirements. You also may know a fair bit about the IRS reporting requirements in your efforts to be compliant this tax year as you work towards meeting your own obligations around this law.

At this period in time, many organizations are focused on finishing this work for this year’s ACA reporting requirement. The deadline extension granted some relief with additional months to print and mail 1095 forms to employees and sending the 1094 electronic transmittal to the IRS—and this was just for reporting; this doesn’t consider the other business ACA impacts you’ve been working through.

Whether you’ve decided to build a solution internally or are currently using a vendor to assist you in reporting, this webinar is focused on helping you understand what’s occurring in this ACA landscape and offers insights of our observations in the market. With over 30 years of experience dedicated solely to tax information reporting, this isn’t the first reporting rollout we’ve been through.

Over the last couple of years, The Department of Treasury in Puerto Rico (“Hacienda”) has been making strides towards the implementation of a new VAT system that, as of this moment, is set to begin April 1, 2016. As this date draws near, there are still continuous changes being made that businesses need to be aware of.

At Sovos, our Tax Experts have been tracking these updates since day one and are dedicated to making sure our clients are prepared for the move to VAT. Is your business in the know? Please join us on March 16th at 2pm EST as our Puerto Rico experts, Elizabeth Quintana and Ramon Frias, present on the following topics:

•Late Breaking Developments
•An Overview of Puerto Rico VAT Mechanics
•The Recently Published Regulations and Circular Letters
•Status Update on the New Filing System (SURI) and Requirements
•Business Registration and Exemption Certificates Under the new VAT

There will be 10 minutes reserved at the end of the session for questions.

Register today and join us as we provide valuable information that will prepare your company for the April 1st update.

There are a number of unique tax laws that retailers must know, stay up-to-date on, and abide by, including laws covering: cloud computing, clothing, maintenance contracts, and the automotive space. Join Erik Wallin, Senior Tax Counsel at Sovos Compliance, to learn more about the intricacies of these tax laws and how Sovos can help you achieve compliance, mitigate risk, and save time and money.